First National in Virginia to Buy Six Bank of America Branches
First National Corp. in Strasburg, Va., has agreed to buy six branches in Virginia from Bank of America.
The branches are located in Woodstock, Elkton, Staunton and Waynesboro in the Shenandoah Valley and in Dillwyn and Farmville in central Virginia. The $519 million-asset First National will also gain $308 million in deposits in a deal it expects to close in the second quarter. Pricing was not disclosed.
"We are delighted to announce the expansion of our banking franchise into Virginia markets that complement our recent expansion initiatives," Scott Harvard, First National's President and chief executive, said in a press release Wednesday. "This transaction provides the opportunity to expand our team with the addition of experienced and talented associates while building scale and efficiencies in an expanded geographic footprint across several contiguous counties."
First National already has a mortgage office in Staunton, which it opened earlier this year.
Sandler O'Neill and Williams Mullen advised First National.